#TrumpTaxCuts

The Trump Tax Cuts, formally known as the Tax Cuts and Jobs Act (TCJA), were enacted in December 2017. The legislation aimed to stimulate economic growth by reducing the corporate tax rate from 35% to 21% and cutting individual income tax rates. It also doubled the standard deduction, while limiting certain deductions like state and local tax (SALT) deductions. Proponents argued it would spur investment and job creation, boosting the economy. Critics, however, claimed it disproportionately benefited the wealthy and corporations, contributing to a rise in the federal deficit without delivering long-term economic benefits for all Americans.

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